(1) A firm or permit holder shall not express an opinion on financial statements of an enterprise in such a manner as to imply that he is acting as an independent public accountant with respect thereto unless he is independent with respect to such enterprise. Independence will be considered to be impaired if, for example:

(a) During the period of his professional engagement, at the time of expressing his opinion, the firm or permit holder;

(i) had or was committed to acquire any direct or material indirect financial interest in the enterprise, or

(ii) was a trustee of any trust or executor or administrator of any estate if such trust or estate had or was committed to acquire any direct or material indirect financial interest in the enterprise, or

(iii) had any joint closely-held business investment with the enterprise or any officer, director or principal stockholder thereof which was material in relation to the net worth of either the firm or permit holder or the enterprise, or

(iv) had any loan to or from the enterprise or any officer, director or principal stockholder thereof other than loans of the following kinds made by a financial institution under normal lending procedures, terms and requirements:

(A) loans obtained by the firm or permit holder which are not material in relation to the net worth of the borrower, and

(B) home mortgages, and

(C) other secured loans, except those secured solely by a guarantee of the firm or permit holder.

(b) during the period covered by the financial statements, during the period of the professional engagements, or at the time of expressing an opinion, the firm or permit holder:

(i) was connected with the enterprise as a promoter, underwriter or voting trustee, a director or officer or in any capacity equivalent to that of a member of management or of an employee, or

(ii) was a trustee for any pension or profit sharing trust of the enterprise.

(2) The foregoing examples are not intended to be all inclusive.